AnaCap acquires €200m Italian loan book

The deal is AnaCap’s second CQS transaction of loans to public sector employees.

London-based fund manager AnaCap Financial Partners has acquired and refinanced a €200 million portfolio of Italian performing loans.

The transaction is for a book of “CQS” loans, which are salary and pension guarantee loans for public sector employees and pensioners in Italy.

The loans were originated by an Italian bank and securitised in 2016 before AnaCap acquired equity in the securitisation. In June this year, AnaCap exercised its right to acquire the underlying assets in the portfolio.

AnaCap has previously invested in CQS portfolios with a public market transaction worth €551 million in December 2013.

The portfolio consists of more than 28,000 CQS loans, which AnaCap said are one of the safer asset types in Italy due to the borrowers’ public sector employment and pensions. The firm said its specialist knowledge of the Italian market and a strong network of local partners enabled it to compete in this type of specialist investment.

“We continue to see attractive mid-market investment opportunities across the credit spectrum in the Italian market,” said Konstantin Karchinov, managing director at AnaCap. “AnaCap has been a very active investor in the Italian market for almost eight years now and our experience and knowledge of the CQS product enabled us to deploy capital even during a period of market uncertainty.”

Law firm Simmons and Simmons advised AnaCap and acted as drafting counsel while Citi provided senior financing.